Not knowing your complete financial picture and not being a bankruptcy attorney, it would be hard for me to advise as to whether you should file bankruptcy. However, regarding your mortgages, have you talked to your mortgage companies about the possibility of modifying your loans or possibly deferring a couple of payments to help you catch up on things? If your financial setbacks are temporary, a deferrment can be very helpful. If your setback is permanent (or at least for the foreseeable future), you may want to consider selling your home as a short sale and then renting something until things get better. Based on current lending guidelines, a short sale on your credit is much more preferable than a foreclosure. Please see the link below for a full discussion of the consequences of selling as a short sale and the process that you would go through before and during the sale. Good luck to you and may things improve for you soon!!